KCC Releases RiskInsight®-lite Live Cat Model

Abridged Version of RiskInsight® Retains Key
Functions, Enabling (Re)insurers to Track Hurricane Claims and Losses in
Real Time

September 05, 2017 05:00 AM Eastern Daylight Time

BOSTON--(BUSINESS WIRE)--Catastrophe modeling firm Karen Clark & Company (KCC) today announced
the release of RiskInsight®-lite, a new modeling
platform that enables (re)insurers to track their claims and losses in
real time from live hurricanes as well as estimate their Exceedence
Probability (EP) curves, including PMLs and AALs at location-level
resolution. RiskInsight-lite’s capabilities can be made available
to insurers immediately and in time for Hurricane Irma, which is
threatening to impact the Caribbean and the U.S. as a major hurricane.

KCC is the only modeling firm that has already estimated and released
detailed industry insured losses for Hurricane Harvey, including
estimates for the individual hazards of wind, storm surge, and inland
flooding. KCC clients use RiskInsight’s unique capabilities to estimate
their own claims and losses from live hurricanes starting days before
landfall.

“RiskInsight is an advanced open loss modeling platform that our clients
use to build their own scientific models and to customize the Reference
Model components such as the damage functions to accurately reflect
their actual claims experience,” said Karen Clark, KCC CEO. “However,
some companies haven’t yet licensed RiskInsight because they don’t
believe they have the sophistication and/or the resources to fully
leverage this powerful new modeling platform. With that in mind, we
created RiskInsight-lite to provide only the capabilities of the other
cat models plus RiskInsight’s unique real time event tracking
capabilities.”

“KCC clients have been pleased and impressed with RiskInsight’s ability
to provide accurate real time estimates of how many claims they’re
likely to experience and average claim severity by location,” said
Christopher Mossey, KCC Vice President of Client Development. “Boards
and senior executives expect their modeling experts to quickly provide
reliable information, so we’re very pleased to offer RiskInsight’s real
time capability to more companies as this highly active hurricane season
progresses.”

KCC notes that we’ve just entered the month of September—the peak month
for hurricane activity—and are already on the “I” storm. Hurricane
Katrina formed and made landfall at the end of August so we could be in
for another season similar to 2005.